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SHANGHAI, Feb. 13, 2023 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended December 31, 2022. Fourth Quarter 2022 Highlights: GMV for the fourth quarter of 2022 increased by 12.7% year over year to RMB6,769.5 million (US$981.5 million) from RMB6,004.0 million in the same quarter of 2021. Total revenues for the fourth quarter of 2022 increased by 13.1% year over year to RMB6,200.6 million (US$899.0 million) from RMB5,483.5 million in the same quarter of 2021. Non-GAAP net income for the fourth quarter of 2022 was RMB115.8 million (US$16.8 million), compared with non-GAAP net loss of RMB1,034.1 million in the same quarter of 2021. Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "In the fourth quarter of 2022, we recorded GAAP net profit for the first time of RMB49.9 million, with non-GAAP net profit of RMB115.8 million. Meanwhile, our operating net cash inflow in the fourth quarter was RMB682.1 million. We have also achieved positive operating cash flow for the full year of 2022. We believe that this strong cash position speaks volumes about our resilience in adversity. We will hold course on our current development strategy while remaining innovative. Specifically speaking, we will deepen our penetration into existing markets and continuously tap into our users' needs to achieve profitability. At the same time, we will emphasize innovation, particularly in food products, to develop and launch new food products catering to a broader range of users. We firmly believe that we will be able to realize our vision and mission, create value for our consumers and society, and create long-term and sustainable value for our shareholders." Ms. Le Yu, Chief Strategy Officer of Dingdong, stated, "Covid-19 only mildly impacted our covered cities and regions in October and November, and our fourth quarter entered a trajectory of profitability in October. To break it down monthly, we achieved a positive non-GAAP net profit in October and a positive GAAP net profit in November and December. It's been five years since Dingdong was founded in 2017, and we are pleased to see our efforts pay off and our business model proven. Looking ahead to 2023, we are confident of achieving non-GAAP break-even for both the first quarter and the full year of 2023." Fourth Quarter 2022 Financial Results Total revenues were RMB6,200.6 million (US$899.0 million), representing an increase of 13.1% from the same period of 2021, primarily driven by the robust growth in the Company's GMV, with a higher conversion ratio from GMV to revenue. Product Revenues were RMB6,138.0 million (US$889.9 million), an increase of 13.4% from RMB5,413.9 million in the same quarter of 2021, primarily driven by the increase in average order value. Service Revenues were RMB62.7 million (US$9.1 million), a decrease of 9.9% from RMB69.6 million in the same quarter of 2021, primarily because of the Company's proactive optimization of its membership structure to acquire and retain higher-value users. Total operating costs and expenses were RMB6,155.1 million (US$892.4 million), a decrease of 5.6% from RMB6,523.2 million in the same quarter of 2021, with a detailed breakdown as below. Cost of goods sold was RMB4,162.0 million (US$603.4 million), an increase of 5.0% from RMB3,964.8 million in the same quarter of 2021. Cost of goods sold as a percentage of revenues decreased to 67.1% from 72.3% in the same quarter of 2021, primarily due to improvements in product development capabilities. Gross margin was 32.9%, a significant improvement from 27.7% in the same quarter of 2021. Fulfillment expenses were RMB1,493.6 million (US$216.6 million), a decrease of 16.4% from RMB1,786.3 million in the same quarter of 2021. Fulfillment expenses as a percentage of total revenues decreased to 24.1% from 32.6% in the same quarter of 2021, mainly driven by the increase in average order value and improved frontline fulfillment labor efficiency. Sales and marketing expenses were RMB91.1 million (US$13.2 million), a decrease of 74.5% from RMB358.0 million in the same quarter of 2021, as user acquisition cost per new transacting user decreased due to the Company's improved product development capabilities and increasingly established brand image. General and administrative expenses were RMB149.3 million (US$21.7 million), an increase of 15.4% from RMB129.4 million in the same quarter of 2021. General and administrative expenses as a percentage of total revenues remained stable at 2.4%. Product development expenses were RMB259.0 million (US$37.5 million), a decrease of 9.0% from RMB284.7 million in the same quarter of 2021. The Company continued its investments in product development capabilities, agricultural technology, data algorithms, and other technology infrastructure. Income from operations was RMB52.0 million (US$7.5 million), compared with operating loss of RMB1,073.3 million in the same quarter of 2021. Net income was RMB49.9 million (US$7.2 million), compared with net loss of RMB1,096.3 million in the same quarter of 2021. Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB115.8 million (US$16.8 million), a significant improvement from non-GAAP net loss of RMB1,034.1 million in the same quarter of 2021. In addition, non-GAAP net margin, which is the Company's non-GAAP net income / (loss) as a percentage of revenues, improved to 1.9% from negative 18.9% in the same quarter of 2021. Basic and diluted net income per share were RMB0.15 (US$0.02), compared with net loss per share of RMB3.38 in the same quarter of 2021. Non-GAAP net income per share, basic and diluted, was RMB0.35 (US$0.05), compared with non-GAAP net loss per share of RMB3.19 in the same quarter of 2021. Cash and cash equivalents and short-term investments were RMB6,493.0 million (US$941.4 million) as of December 31, 2022, compared with RMB5,231.1 million as of December 31, 2021. Conference Call The Company's management will hold an earnings conference call at 8:00 A.M. Eastern Time on Monday, February 13, 2023 (9:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Conference ID: 6437553 The replay will be accessible through February 20, 2023 by dialing the following numbers: International: 1-412-317-0088 United States: 1-877-344-7529 Access Code: 8634168 A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.100.me. About Dingdong (Cayman) Limited We are a leading fresh grocery e-commerce company in China, with sustainable long-term growth. We directly provide users and households with fresh produce, prepared food, and other food products through a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers' evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be Chinese families' first choice for food shopping. For more information, please visit: https://ir.100.me. Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as non-GAAP net (loss)/income, non-GAAP net margin, non-GAAP net (loss)/income attributable to ordinary shareholders and non-GAAP net (loss)/income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8972 to US$1.00, the exchange rate on December 31, 2022 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong's strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong's goals and strategies; Dingdong's future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong's expectations regarding demand for and market acceptance of its products and services; Dingdong's expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong's industry; and relevant government policies and regulations relating to Dingdong's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law. For investor inquiries, please contact: Dingdong Freshir@100.me DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of RMB and US$) As of December 31, 2021 December 31, 2022 December 31, 2022 RMB RMB US$ (Unaudited) ASSETS Current assets: Cash and cash equivalents 662,768 1,856,187 269,122 Restricted cash 7,664 2,763 401 Short-term investments 4,568,346 4,636,774 672,269 Accounts receivable, net 191,519 141,468 20,511 Inventories 537,472 604,884 87,700 Advance to suppliers 86,711 83,835 12,155 Prepayments and other current assets 461,843 170,336 24,696 Total current assets 6,516,323 7,496,247 1,086,854 Non-current assets: Property and equipment, net 472,371 314,980 45,668 Operating lease right-of-use assets 2,245,571 1,425,117 206,622 Other non-current assets 185,793 145,563 21,105 Total non-current assets 2,903,735 1,885,660 273,395 TOTAL ASSETS 9,420,058 9,381,907 1,360,249 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 2,058,624 1,886,689 273,544 Customer advances and deferred revenue 243,480 253,010 36,683 Accrued expenses and other current liabilities 653,261 810,963 117,579 Salary and welfare payable 244,740 329,104 47,716 Operating lease liabilities 969,494 693,496 100,547 Short-term borrowings 3,121,046 4,237,978 614,449 Current portion of long-term borrowings 57,875 - - Total current liabilities 7,348,520 8,211,240 1,190,518 Non-current liabilities: Operating lease liabilities 1,244,096 678,000 98,301 Other non-current liabilities 69,373 75,000 10,874 Total non-current liabilities 1,313,469 753,000 109,175 TOTAL LIABILITIES 8,661,989 8,964,240 1,299,693 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in thousands of RMB and US$) As of December 31, 2021 December 31, 2022 December 31, 2022 RMB RMB US$ (Unaudited) LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY (CONTINUED) Mezzanine Equity: Redeemable noncontrolling interests 30,000 107,490 15,585 TOTAL MEZZANINE EQUITY 30,000 107,490 15,585 Shareholders' equity Ordinary shares 4 4 1 Additional paid-in capital 13,685,062 13,922,811 2,018,618 Treasury stock (7,042) (20,666) (2,997) Accumulated deficit (12,765,713) (13,580,086) (1,968,928) Accumulated other comprehensive loss (184,242) (11,886) (1,723) TOTAL SHAREHOLDERS' EQUITY 728,069 310,177 44,971 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY 9,420,058 9,381,907 1,360,249 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME (Amounts in thousands of RMB and US$, except for number of shares and per share data) For the three months ended December 31, 2021 2022 2022 RMB RMB US$ (Unaudited) Revenues: Product revenues 5,413,928 6,137,968 889,922 Service revenues 69,594 62,676 9,087 Total revenues 5,483,522 6,200,644 899,009 Operating costs and expenses: Cost of goods sold (3,964,800) (4,161,982) (603,431) Fulfillment expenses (1,786,262) (1,493,644) (216,558) Sales and marketing expenses (357,971) (91,135) (13,213) Product development expenses (284,740) (258,974) (37,548) General and administrative expenses (129,417) (149,331) (21,651) Total operating costs and expenses (6,523,190) (6,155,066) (892,401) Other operating (expenses) / income, net (33,627) 6,417 930 (Loss) / Income from operations (1,073,295) 51,995 7,538 Interest income 12,167 33,085 4,797 Interest expenses (25,975) (35,514) (5,149) Other income, net 137 311 45 (Loss) / Income before income tax (1,086,966) 49,877 7,231 Income tax expenses (9,373) - - Net (loss) / income (1,096,339) 49,877 7,231 Accretion of redeemable noncontrolling interests - (2,065) (299) Net (loss) / income attributable to ordinary shareholders (1,096,339) 47,812 6,932 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME (CONTINUED) (Amounts in thousands of RMB and US$, except for number of shares and per share data) For the three months ended December 31, 2021 2022 2022 RMB RMB US$ (Unaudited) Net (loss) / income per Class A and Class B ordinary share: Basic (3.38) 0.15 0.02 Diluted (3.38) 0.15 0.02 Shares used in net (loss) / income per Class A and Class B ordinary share computation: Basic 324,708,900 324,330,913 324,330,913 Diluted 324,708,900 328,081,773 328,081,773 Other comprehensive (loss) / income, net of tax of nil: Foreign currency translation adjustments (99,105) (36,617) (5,309) Comprehensive (loss) / income (1,195,444) 13,260 1,922 Accretion of redeemable noncontrolling interests - (2,065) (299) Comprehensive (loss) / income attributable to ordinary shareholders (1,195,444) 11,195 1,623 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$) For the three months ended December 31, 2021 2022 2022 RMB RMB US$ (Unaudited) Net cash (used in) / generated from operating activities (1,761,736) 682,118 98,898 Net cash used in investing activities (1,058,287) (230,500) (33,419) Net cash generated from / (used in) financing activities 413,536 (10,843) (1,572) Effect of exchange rate changes on cash and cash equivalents and restricted cash (27,197) 660 96 Net (decrease) / increase in cash and cash equivalents and restricted cash (2,433,684) 441,435 64,003 Cash and cash equivalents and restricted cash at the beginning of the period 3,104,116 1,417,515 205,520 Cash and cash equivalents and restricted cash at the end of the period 670,432 1,858,950 269,523 DINGDONG (CAYMAN) LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of RMB and US$, except for number of shares and per share data) For the three months endedDecember 31, 2021 2022 2022 RMB RMB US$ (Unaudited) Net (loss) / income (1,096,339) 49,877 7,231 Add: share-based compensation expenses (1) 62,287 65,907 9,555 Non-GAAP net (loss) / income (1,034,052) 115,784 16,786 Net (loss) / income margin (20.0 %) 0.8 % Add: share-based compensation expenses 1.1 % 1.1 % Non-GAAP net (loss) / income margin (18.9 %) 1.9 % Net (loss) / income attributable to ordinary shareholders (1,096,339) 47,812 6,932 Add: share-based compensation expenses (1) 62,287 65,907 9,555 Non-GAAP net (loss) / income attributable to ordinary shareholders (1,034,052) 113,719 16,487 Net (loss) / income per Class A and Class B ordinary share: Basic and diluted (3.38) 0.15 0.02 Add: share-based compensation expenses 0.19 0.20 0.03 Non-GAAP net (loss) / income per Class A and Class B ordinary share: Basic and diluted (3.19) 0.35 0.05 (1) Share -based compensation expenses are recognized as follows: For the three months ended December 31, 2021 2022 2022 RMB RMB US$ (Unaudited) Fulfillment expenses 11,981 11,893 1,724 Sales and marketing expenses 6,246 3,284 476 Product development expenses 28,075 32,258 4,677 General and administrative expenses 15,985 18,472 2,678 Total 62,287 65,907 9,555
Achieved annual operating profit one year ahead of schedule TAIPEI, Feb. 13, 2023 /PRNewswire/ -- Highlights and achievements for fiscal year 2022 Annual revenue increased to 19.4 billion yen with a 53% YoY growth rate, surpassing previous guidance of 19.2 billion yen Full-year operating profit target reached one year ahead of schedule, with operating margins at 0.3% and improving by 9 percentage points YoY Annual gross profit accelerated to 60% YoY, with a gross margin of 51.5%, more than tripled in the last 4 years Revenue from US and EMEA markets increased over 7 times YoY and represented 12% of total revenues Guidance for fiscal year 2023 Forecast of 31% (34% on FX neutral basis) increase in YoY revenue growth to 25.5 billion yen and gross profit growth is expected to surpass revenue growth at 35% YoY due to further gross margin improvement. Increase in operating income by around 10 times to 535 million yen and further improve operating margin to 2.1% Continuous geographic and vertical expansion, along with ROI-driven solutions and further product synergies for better up-sell and cross-sell opportunities, to be key growth drivers in FY23 Continued growth of AI trends to drive further business growth Highlight and achievements of Q4 FY22 Revenue increased by 47% YoY and hit a historical high of 5.8 billion yen Annual recurring revenue YoY growth rate further increased from 46% to 53% Gross profit reached 56% YoY growth with a record-high gross profit of 3 billion yen Attained both EBITDA margin and operating margin improvement of 6 percentage points YoY Grew customers by 26% YoY, alongside a low customer churn rate of 0.62% Closing out the year with a stellar performance Appier Group Inc (TSE: 4180), henceforth referred to as Appier, today announced its fiscal and fourth-quarter earnings results for the year ended 31 December 2022. Appier closed out the fiscal year of 2022 achieving a full-year operating profit for the first time, one year ahead of schedule from its FY23 target, with a revenue increase of 53% YoY at 19.4 billion yen. This year marks growth acceleration for Appier for four years in a row, as annual gross profit more than tripled in the last four years to accelerate to 60% YoY. EBITDA margin rose to 7%, keeping the company on a strong trajectory toward its 2025 financial targets. Appier's strong performance was attributed to the continuous expansion of its customer base both regionally and vertically, alongside robust product synergies and successful customer retention through up-sell and cross-sell strategies. Northeast Asia (63%) continued to reach high growth despite a large revenue base, while revenues in Greater China (20%) were mainly driven by vertical growth. US and EMEA (12%) continue to be a key growth driver with a larger total addressable market (TAM), as it increased its revenue over 7 times YoY in the fiscal year. The company's further expansion to more diversified verticals led to stronger growth acceleration. The Digital Content (gaming, entertainment, e-books, and online streaming) vertical grew significantly with 10 percentage points YoY increase in FY22 to constitute 38% of total revenues, only second to Ecommerce (43%), then followed by Other Internet Services [1] (12%) and Consumer Brands and BFSI (7%). Strong demand from these digital-first industries will continue as they place digital strategies at the forefront of their transformation under the new normal post-COVID. In addition to growing the total number of customers by 26% in FY22, Appier's higher business efficiency also resulted in a higher customer Lifetime Value (LTV) at 64% YoY and a lower Customer Acquisition Cost (CAC) at -12% YoY. The higher LTV was driven by a lower churn rate of customer revenue and higher gross profit per customer; while the lower CAC was driven by lower expenses on new customer acquisition and a higher number of net new customers. The successful transfer from the Mothers segment to the Prime segment on the Tokyo Stock Exchange (TSE) in December 2022 is also a significant testament to the sophisticated organization with strong growth and good corporate governance. A strong quarter to close out a profitable year Appier's revenue in Q4 grew at a rate of 47% YoY to record a historical high of 5.8 billion yen, reaching a gross profit of 56% YoY growth. Operating margins reached 137 million yen, providing a strong tail end to close out a profitable fiscal year 2022. The company also retained a low customer churn rate of 0.62%. "2022 has been a year of growth acceleration for Appier. We achieved full-year profitability one year ahead of schedule and tripled our revenue and gross profit in four years. These great results reflect that the market is responding well to the first-party data trends and our ROI-driven solutions powered by AI," said Dr. Chih-Han Yu, CEO and Co-Founder, Appier. "2023 is an important year for exciting developments in AI. Supporting customers to gain the most value from AI trends and technologies through their digital transformation journeys remains a key priority for us. With the current trajectory that Appier is on, along with our core value of innovative technology enhancement, a customer-centric mindset, and prudent M&A approach, we are confident that we are on the right track to reach our targets this year." Strong business momentum for future growth Appier's 2023 guidance comes with forecasted annual revenue growth of 31% (34% on FX neutral basis) to reach 25.5 billion yen. The overall outlook for 2023 is optimistic, with annual gross profit growth of 35% YoY, an operating income increase of around 10 times to 535 million yen, and an EBITDA profit of 2.34 billion yen with a 72% YoY growth rate. The company also targets to achieve operating margins of 2.1% following its strong business momentum. Looking ahead to FY23, Appier is confident about the future. The influence of first-party data trends and new technologies in AI, alongside the company's strategic geographical and vertical expansions, and its focus on cutting-edge innovation, are set to consolidate demand for Appier's solutions that turn customers' marketing investments into measurable returns. Generative AI: Enlarge the TAM from decision-making to content creation The exponential growth of Generative AI and its potential has widened the space for MarTech applications. AI is not only empowering productivity through marketing automation and decision-making, but it is also tapping into the fields of idea generation to explore user insights and content creation to generate more creative materials for campaign usage. As Generative AI is expected to lead the next wave of AI accelerations and streamline marketing workflows, Appier keeps integrating advanced technologies to create cutting-edge solutions to bring value to customers and ensure that the company stays at the forefront of the AI SaaS space. About Appier Appier (TSE: 4180) is a software-as-a-service (SaaS) company that uses artificial intelligence to power business decision-making. Founded in 2012 with a vision of democratizing AI, Appier now has 17 offices across APAC, Europe and US, and is listed on the Tokyo Stock Exchange. Visit www.appier.com for more company information and visit ir.appier.com/en/ for more IR information. [1] Other Internet Services includes food delivery, travel booking and utility apps
NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Lanvin Group (NYSE: LANV, the "Group"), a global luxury fashion group, today opened registration for its first revenue results conference call since its public listing. The Group will release its unaudited revenues for the full-year 2022 on Friday, February 17, 2023. On the same day, at 8:00 a.m. Eastern Standard Time (9:00 p.m. China Standard Time), the Group will host a conference call and webcast to discuss the released results and provide an outlook for 2023. Management will refer to a slide presentation during the call, which will be made available on the day of the call. To view the presentation, please visit the "Events" tab of the Group's investor relations website at https://ir.lanvin-group.com. All participants who would like to join the conference call must pre-register using the link provided below. Once the registration is complete, participants will receive dial-in numbers, a passcode, and a registrant ID which can be used to join the conference call. Participants may register at any time, including up to and after the call starts. Registration Link:https://dpregister.com/sreg/10175603/f5e737e150 Additionally, an archived webcast of the conference call will be available on the Group's investor relations website at https://ir.lanvin-group.com. A replay of the conference call will be accessible approximately one hour after the live call until February 24, 2023, by dialing the following numbers: US Toll Free: 1-877-344-7529International Toll: 1-412-317-0088Canada Toll Free: 855-669-9658Replay Access Code: 2215107 About Lanvin Group Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, China, managing iconic brands worldwide including Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso. Harnessing the power of its unique strategic alliance of industry-leading partners in the luxury fashion sector, Lanvin Group strives to expand the global footprint of its portfolio brands and achieve sustainable growth through strategic investment and extensive operational know-how, combined with an intimate understanding and unparalleled access to the fastest-growing luxury fashion markets in the world. For more information about Lanvin Group, please visit www.lanvin-group.com, and to view our investor presentation, please visit www.lanvin-group.com/investor-relation/. Enquiries: MediaLanvin GroupFGS Global Richard Barton +852 9301 2056 or +41 79 922 7892 richard.barton@fgsglobal.com Louis Hung +852 9084 1801 louis.hung@fgsglobal.com InvestorsLanvin Groupir@lanvin-group.com
Hugel delivered 2022 revenue of KRW281.7bn, operating profit of KRW102.5bn, up 21.5% YoY and 7.2% YoY, respectively Botulinum toxin's sales soared by 28.9% YoY; European sales in full swing Hugel aims to obtain marketing approval and launch products in the U.S. within this year SEOUL, South Korea, Feb. 9, 2023 /PRNewswire/ -- Hugel (CEO: Ji-hoon Sohn), a global total medical aesthetics company, announced its 2022 consolidated financial results on February 9th, recording revenue of KRW281.7bn, operating profit of KRW102.5bn and net income of KRW61.7bn. The company delivered its record-high revenue and operating profit driven by the remarkable growth of the company's representative products, including the botulinum toxin and the HA filler in overseas markets. The revenue and operating profit rose by 21.5% YoY and 7.2% YoY, respectively and the gross profit soared by 23.6% YoY to KRW218.9bn. Breaking down the figures by product, sales of the botulinum toxin increased by 28.9% YoY. Hugel increased sales and solidified market dominance in Korea based on excellent product quality and exclusive marketing contents. Toxin exports skyrocketed in overseas markets including Mainland China, Europe, Thailand, Taiwan, and Brazil. In particular, Hugel recorded stable sales in China despite the country's strict lockdown policy. In addition, the company obtained marketing approval for Botulinum toxin in a total of 20 European countries, including 11 major countries and increased sales by successfully launching into the U.K., France, Germany, Italy, Spain, and Austria. Hugel's HA filler, export sales surged by delivering gradual growth in European markets, including the U.K., France, and Germany and also by initiating shipment to China of which marketing approval was obtained last year. Its cosmetic brands, "Wellage" and "[PR]4" achieved significant growth of 44.7% YoY by continuously launching new products and conducting online and offline marketing activities. Hugel plans to focus on expanding in the global market in 2023 and obtain marketing approval in additional 16 European countries to achieve marketing approval in a total of 36 countries within 2023. Also, the company plans to launch its HA filler in China in mid-2023, Hugel will actively utilize the synergy effect of toxin and filler and enhance competitiveness in the Chinese market through unique marketing activities, such as an "Authenticity verification program". Hugel plans to advance into new markets, including North America and Oceania. Hugel expects to obtain marketing approval and launch products in the U.S., which was resubmitted to the U.S. Food and Drug Administration (FDA) last October. Letybo is expected to be launched in Canada and Australia, where marketing approvals were obtained last year, directly through Hugel Canada and Hugel Australia. Hugel's CEO, Jihoon Sohn commented, "Hugel achieved outstanding performance with record-high revenue and operating profit led by significant growth in domestic and overseas markets including successful advancement into Europe last year. Since we plan to enter into major toxin markets, such as the U.S., Canada, and Australia, we will focus on activities that enhance Hugel's corporate value and competitiveness in the global market."
Annual Recurring Revenue (ARR) up 57% YoY driven by bookings from new customers Cloud revenue up 80% YoY driven by existing and new customers switching to IFS Cloud. LONDON, Jan. 25, 2023 /PRNewswire/ -- IFS, the global cloud enterprise applications company, today announced its financial results for the full year ending December 31, 2022. The company posted exceptional results with software revenue growth at 28 percent year-on-year and cloud revenue growth up 80 percent as existing customers and new customers switch to IFS Cloud. The 2022 results mark the fifth consecutive year IFS has secured strong double-digit revenue growth, demonstrating unparalleled robustness in its strategy and ability to execute globally. Throughout 2022, cloud and digital technology remained high on companies' agendas and IFS customers sought to build operational agility and leverage innovation to build competitive advantage. Since its initial release, IFS Cloud continues to deliver value with an Evergreen model. The twice-yearly release cycle has become an integral part of business as usual with customers adopting regular updates and negating the need for costly upgrades. New customers are experiencing considerably faster time to value with IFS, at an average of 9.5 months from contract to value. Some of the key milestones for IFS in 2022 included: IFS launched its Partner Success program in Q1 to further underpin and accelerate its partner strategy. In March 2022, HG Capital became a significant minority investor in a transaction valuing IFS & WorkWave at $10bn In April 2022, IFS launched Arcwide, a joint venture with BearingPoint designed to accelerate the pace of IFS Cloud deployments. IFS retained its leadership positions across core product categories with continued recognition by analyst's firms*. In July 2022, IFS acquired EAM Software solutions provider Ultimo Software Solutions. IFS secured awards** for individual leadership, as well as its products, its innovations and customer experience. In September, IFS signed an agreement to sponsor the London Cable Cars, as part of a brand activation campaign. IFS Unleashed, the rebranded global IFS community event for prospects, customers and partners, took place in October with over 2,500 in-person attendees and thousands more online. IFS CEO Darren Roos commented: "For IFS, 2022 was a year characterized by acceleration. We increased our headcount to over 5,900 employees, reached a significant landmark in revenue at $1bn and outpaced our competitors by delivering double-digit growth for the 5th consecutive year." Roos added: "Quarter after quarter, our leadership in capabilities and in time to value enabled us to build on our performance." Roos concluded: "2023 will be an exciting year as we continue to bring together our employees, our partners and our products and industry expertise across FSM, EAM, and ERP so that our customers can create value faster and deliver their best to their customers when it matters most, at the Moment of Service." IFS Chief Financial Officer, Constance Minc, added, "In 2022, IFS has shown resilience and consistency; despite the macroeconomic headwinds we have accelerated our growth across our key metrics for the group. Growing our cloud revenue at 80 percent year-on-year and our annual recurring revenue at 57 percent year-on-year in challenging market conditions demonstrates a level of robustness and reliability that's a testament to our relevance and customer focus". Throughout the year, IFS has continued to nurture its customer-first culture by strengthening its service organization and its partner ecosystem, as well as maintaining an active involvement in the work delivered by the IFS Foundation in Sri Lanka, a nation that is home to over 2,200 IFS employees. Financial and Operational Highlights* for FY 2022, growth YoY: FY2022 software revenue was SEK 6.6bn, an increase of 28 percent versus 2021 FY2022 recurring revenue was SEK6.1bn, an increase of 44 percent versus 2021 FY2022 net revenue was SEK8.4bn, an increase of 19 percent versus 2021 Additional highlights: · IFS added over 250 new logos across its core industries, including Väderstad, Konica Minolta, Xcel Energy, and Bosch Thermotechnik. The IFS partner Ecosystem grew 65 percent year-on-year and participated in over 50 percent of implementations, with over two-thirds of its largest partners signing up to the Partner Success program. *IFS extended its leader status in the Gartner Magic Quadrant for Field Service Management, maintaining this position every year since 2014. Also in 2022, IFS was named a Leader in the IDC MarketScape for SaaS and Cloud-Enabled Manufacturing ERP Applications, a Leader in the IDC MarketScape for Manufacturing Field Service Management Applications, a Leader in the IDC MarketScape for Manufacturing Service Life-Cycle Management, a Leader in the IDC MarketScape for Field Service Management Solutions for Utilities, a Gartner Peer Insights Customer Choice for EAM Applications, and listed #1 in Gartner Global EAM Market Share 2021 By Revenue ** IFS collected a significant number of awards: ERP Software of the Year Nov 2022, Asset Management Product of the Year Nov 2022, The Software Report Darren Roos No1 Top SaaS CEO Oct 2022, The Software Report Marne Martin No2 Top Women in SaaS Nov 2022, Artificial Intelligence Award - Reactive machines: automated planning and scheduling Mar 2022, Cloud Award Sep 2022, Sustainability Award Sep 2022, Excellence in Customer Service Award Apr 2022, Fortress Cyber Security Award Jun 2022, Indirect IT Channel Solutions Mar 2022 *Financial and Operational reporting will move to Euros from March 2023. Learn more at www.ifs.com/corp/company/financial-results/. About IFS IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers—at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of 5,900 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 10,000+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com. CONTACT: IFS Press Contacts: EUROPE / MEA / APJ: Adam GillbeIFS, Director of Corporate & Executive CommunicationsEmail: press@ifs.comPhone: +44 7775 114 856NORTH AMERICA / LATAM: Mairi MorganIFS, Director of Corporate & Executive Communications Email: press@ifs.com Phone: +1 520 396 2155 The following files are available for download: https://mb.cision.com/Public/855/3702538/92deac34cae38659.pdf 230125 IFS financial Summary 2022 FINAL https://news.cision.com/ifs/i/ifs-earnings,c3136886 IFS Earnings
BEIJING, Jan. 19, 2023 /PRNewswire/ -- TAL Education Group (NYSE: TAL) ("TAL" or the "Company"), a smart learning solutions provider in China, today announced its unaudited financial results for the third quarter of fiscal year 2023 ended November 30, 2022. Highlights for the Third Quarter of Fiscal Year 2023 Net revenues was US$232.7 million, compared to net revenues of US$1,020.9 million in the same period of the prior year. Loss from operations was US$32.9 million, compared to loss from operations of US$108.4 million in the same period of the prior year. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$4.5 million, compared to non-GAAP loss from operations of US$67.6 million in the same period of the prior year. Net loss attributable to TAL was US$51.6 million, compared to net loss attributable to TAL of US$99.4 million in the same period of the prior year. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$23.2 million, compared to non-GAAP net loss attributable to TAL of US$58.6 million in the same period of the prior year. Basic and diluted net loss per American Depositary Share ("ADS") were both US$0.08. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.04. Three ADSs represent one Class A common share. Cash, cash equivalents and short-term investments totaled US$3,040.5 million as of November 30, 2022, compared to US$2,708.7 million as of February 28, 2022. Highlights for the Nine Months Ended November 30, 2022 Net revenues was US$750.8 million, compared to net revenues of US$3,849.8 million in the same period of the prior year. Loss from operations was US$46.3 million, compared to loss from operations of US$615.2 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$35.9 million, compared to non-GAAP loss from operations of US$440.5 million in the same period of the prior year. Net loss attributable to TAL was US$96.2 million, compared to net loss attributable to TAL of US$1,028.0 million in the same period of the prior year. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$14.0 million, compared to non-GAAP net loss attributable to TAL of US$853.3 million in the same period of the prior year. Basic and diluted net loss per ADS were both US$0.15. Non-GAAP basic and diluted net loss per ADS, excluding share-based compensation expenses, were both US$0.02. Financial Data——Third Quarter and First Nine Months of Fiscal Year 2023(In US$ thousands, except per ADS data and percentages) Three Months Ended November 30, 2021 2022 Pct. Change Net revenues 1,020,932 232,681 (77.2 %) Loss from operations (108,429) (32,882) (69.7 %) Non-GAAP loss from operations (67,611) (4,540) (93.3 %) Net loss attributable to TAL (99,368) (51,579) (48.1 %) Non-GAAP net loss attributable to TAL (58,550) (23,237) (60.3 %) Net loss per ADS attributable to TAL – basic (0.15) (0.08) (47.3 %) Net loss per ADS attributable to TAL – diluted (0.15) (0.08) (47.3 %) Non-GAAP net loss per ADS attributable to TAL – basic (0.09) (0.04) (59.7 %) Non-GAAP net loss per ADS attributable to TAL– diluted (0.09) (0.04) (59.7 %) Nine Months Ended November 30, 2021 2022 Pct. Change Net revenues 3,849,755 750,786 (80.5 %) Loss from operations (615,160) (46,314) (92.5 %) Non-GAAP (loss)/income from operations (440,463) 35,931 (108.2 %) Net loss attributable to TAL (1,027,992) (96,195) (90.6 %) Non-GAAP net loss attributable to TAL (853,295) (13,950) (98.4 %) Net loss per ADS attributable to TAL – basic (1.60) (0.15) (90.6 %) Net loss per ADS attributable to TAL – diluted (1.60) (0.15) (90.6 %) Non-GAAP net loss per ADS attributable to TAL – basic (1.33) (0.02) (98.4 %) Non-GAAP net loss per ADS attributable to TAL – diluted (1.33) (0.02) (98.4 %) "Although the revenue of this quarter was affected by exchange rate fluctuations and seasonality，our new business has maintained the momentum of continuous development " said Alex Peng, TAL's President & Chief Financial Officer. Mr. Peng added: "We expect to continue our development in the fourth quarter, enhancing the value that we deliver to our customers while further refining our operating efficiency to strengthen our competitive position and drive sustainable, long-term growth of our business." Financial Results for the Third Quarter of Fiscal Year 2023 Net Revenues In the third quarter of fiscal year 2023, TAL reported net revenues of US$232.7 million, representing a 77.2% decrease from US$1,020.9 million in the third quarter of fiscal year 2022. Operating Costs and Expenses In the third quarter of fiscal year 2023, operating costs and expenses were US$266.3 million, representing a 76.6% decrease from US$1,139.3 million in the third quarter of fiscal year 2022. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$238.0 million, representing a 78.3% decrease from US$1,098.5 million in the third quarter of fiscal year 2022. Cost of revenues decreased by 80.2% to US$103.0 million from US$519.5 million in the third quarter of fiscal year 2022. Non-GAAP cost of revenues, which excluded share-based compensation expenses, decreased by 80.9% to US$99.4 million, from US$519.2 million in the third quarter of fiscal year 2022. Selling and marketing expenses decreased by 74.3% to US$70.4 million from US$273.6 million in the third quarter of fiscal year 2022. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 75.3% to US$63.8 million, from US$258.6 million in the third quarter of fiscal year 2022. General and administrative expenses decreased by 69.0% to US$93.0 million from US$300.0 million in the third quarter of fiscal year 2022. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, decreased by 72.7% to US$74.8 million, from US$274.4 million in the third quarter of fiscal year 2022. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 30.6% to US$28.3 million in the third quarter of fiscal year 2023 from US$40.8 million in the same period of fiscal year 2022. Impairment loss on intangible assets and goodwill was nil for the third quarter of fiscal year 2023, compared to US$46.2 million for the third quarter of fiscal year 2022. Gross Profit Gross profit decreased by 74.1% to US$129.7 million from US$501.4 million in the third quarter of fiscal year 2022. Loss from Operations Loss from operations was US$32.9 million in the third quarter of fiscal year 2023, compared to loss from operations of US$108.4 million in the third quarter of fiscal year 2022. Non-GAAP loss from operations, which excluded share-based compensation expenses, was US$4.5 million, compared to Non-GAAP loss from operations of US$67.6 million in the same period of the prior year. Other Income/(Expense) Other expense was US$32.0 million for the third quarter of fiscal year 2023, compared to other income of US$9.5 million in the third quarter of fiscal year 2022. Impairment Loss on Long-term Investments Impairment loss on Long-term investment was US$0.2 million for the third quarter of fiscal year 2023, compared to nil for the third quarter of fiscal year 2022. Income Tax Expense Income tax expense was US$2.8 million in the third quarter of fiscal year 2023, compared to US$25.6 million of income tax expense in the third quarter of fiscal year 2022. Net Loss attributable to TAL Education Group Net loss attributable to TAL was US$51.6 million in the third quarter of fiscal year 2023, compared to net loss attributable to TAL of US$99.4 million in the third quarter of fiscal year 2022. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$23.2 million, compared to Non-GAAP net loss attributable to TAL of US$58.6 million in the third quarter of fiscal year 2022. Basic and Diluted Net Loss per ADS Basic and diluted net loss per ADS were both US$0.08 in the third quarter of fiscal year 2023. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.04 in the third quarter of fiscal year 2023. Cash, Cash Equivalents, and Short-Term Investments As of November 30, 2022, the Company had US$1,860.9 million of cash and cash equivalents and US$1,179.6 million of short-term investments, compared to US$1,638.2 million of cash and cash equivalents and US$1,070.5 million of short-term investments as of February 28, 2022. Deferred Revenue As of November 30, 2022, the Company's deferred revenue balance was US$270.8 million, compared to US$187.7 million as of February 28, 2022. Financial Results for the First Nine Months of Fiscal Year 2023 Net Revenues For the first nine months of fiscal year 2023, TAL reported net revenues of US$750.8 million, representing an 80.5% decrease from US$3,849.8 million in the first nine months of fiscal year 2022. Operating Costs and Expenses In the first nine months of fiscal year 2023, operating costs and expenses were US$818.8 million, an 81.7% decrease from US$4,480.0 million in the first nine months of fiscal year 2022. Non-GAAP operating costs and expenses, which excluded share-based compensation expenses, were US$736.6 million, an 82.9% decrease from US$4,305.3 million in the first nine months of fiscal year 2022. Cost of revenues decreased by 84.6% to US$308.6 million from US$2,005.3 million in the first nine months of fiscal year 2022. Non-GAAP cost of revenues, which excluded share-based compensation expenses, decreased by 85.0% to US$300.1 million from US$2,004.3 million in the first nine months of fiscal year 2022. Selling and marketing expenses decreased by 79.4% to US$208.5 million from US$1,014.7 million in the first nine months of fiscal year 2022. Non-GAAP selling and marketing expenses, which excluded share-based compensation expenses, decreased by 80.5% to US$185.5 million from US$951.2 million in the first nine months of fiscal year 2022. General and administrative expenses decreased by 69.5% to US$301.6 million from US$987.6 million in the first nine months of fiscal year 2022. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, decreased by 71.4% to US$250.9 million from US$877.3 million in the first nine months of fiscal year 2022. Total share-based compensation expenses allocated to the related operating costs and expenses decreased by 52.9% to US$82.2 million in the first nine months of fiscal year 2023 from US$174.7 million in the same period of fiscal year 2022. Impairment loss on intangible assets and goodwill was nil for the first nine months of fiscal year 2023, compared to US$472.4 million for the same period of fiscal year 2022. Gross Profit Gross profit decreased by 76.0% to US$442.1 million from US$1,844.5 million in the first nine months of fiscal year 2022. (Loss)/Income from Operations Loss from operations was US$46.3 million in the first nine months of fiscal year 2023, compared to loss from operations of US$615.2 million in the same period of the prior year. Non-GAAP income from operations, which excluded share-based compensation expenses, was US$35.9 million, compared to US$440.5 million Non-GAAP loss from operations in the same period of the prior year. Other Income/(Expense) Other expense was US$84.5 million for the first nine months of fiscal year 2023, compared to other income of US$17.6 million in the same period of the prior year. Impairment Loss on Long-term Investments Impairment loss on long-term investments was US$6.8 million for the first nine months of fiscal year 2023, compared to US$178.1 million for the first nine months of fiscal year 2022. Income Tax Expense Income tax expense was US$9.6 million in the first nine months of fiscal year 2023, compared to US$367.1 million of income tax expense in the first nine months of fiscal year 2022. Net Loss Attributable to TAL Education Group Net loss attributable to TAL was US$96.2 million in the first nine months of fiscal year 2023, compared to net loss attributable to TAL of US$1,028.0 million in the first nine months of fiscal year 2022. Non-GAAP net loss attributable to TAL, which excluded share-based compensation expenses, was US$14.0 million, compared to US$853.3 million Non-GAAP loss attributable to TAL in the same period of the prior year. Basic and Diluted Net Loss per ADS Basic and diluted net loss per ADS were both US$0.15 in the first nine months of fiscal year 2023. Non-GAAP basic and diluted net loss per ADS, which excluded share-based compensation expenses, were both US$0.02. Conference Call The Company will host a conference call and live webcast to discuss its financial results for the third fiscal quarter of fiscal year 2023 ended November 30, 2022 at 7:00 a.m. Eastern Time on January 19, 2023 (8:00 p.m. Beijing time on January 19, 2023). Please note that you will need to pre-register for conference call participation at https://register.vevent.com/register/BI3278c68d351148b985b566d3f1215a12. Upon registration, you will receive an email containing participant dial-in numbers and unique Direct Event Passcode. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time. A live and archived webcast of the conference call will be available on the Investor Relations section of TAL's website at https://ir.100tal.com/. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, TAL Education Group's strategic and operational plans contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to provide competitive learning services and products; the Company's ability to continue to recruit, train and retain talents; the Company's ability to improve the content of current course offerings and develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and TAL Education Group undertakes no duty to update such information or any forward-looking statement, except as required under applicable law. About TAL Education Group TAL Education Group is a smart learning solutions provider in China. The acronym "TAL" stands for "Tomorrow Advancing Life", which reflects our vision to promote top learning opportunities for students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive learning services to students from all ages through diversified class formats. Our learning services mainly cover enrichment learnings programs and some academic subjects in and out of China. Our ADSs trade on the New York Stock Exchange under the symbol "TAL". About Non-GAAP Financial Measures In evaluating its business, TAL considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP loss from operations, non-GAAP net loss attributable to TAL, non-GAAP basic and non-GAAP diluted net loss per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. TAL believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. TAL believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to TAL's historical performance and liquidity. TAL computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. TAL believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. For further information, please contact: Jackson DingInvestor RelationsTAL Education GroupTel: +86 10 5292 6669-8809Email: ir@tal.com TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) As of February 28,2022 As of November 30, 2022 ASSETS Current assets Cash and cash equivalents $ 1,638,189 $ 1,860,877 Restricted cash-current 755,646 297,405 Short-term investments 1,070,535 1,179,600 Inventory 21,830 30,183 Amounts due from related parties-current 919 393 Income tax receivables 19,504 27 Prepaid expenses and other current assets 122,753 134,796 Total current assets 3,629,376 3,503,281 Restricted cash-non-current 287,951 149,950 Property and equipment, net 281,226 272,639 Deferred tax assets 6,747 3,422 Rental deposits 10,770 14,894 Intangible assets, net 1,696 560 Land use right, net 217,708 190,647 Goodwill - 159 Amounts due from related parties- non-current 77 - Long-term investments 414,487 467,256 Long-term prepayments and other non-current assets 5,418 4,694 Operating lease right-of-use assets 227,072 149,326 Total assets $ 5,082,528 $ 4,756,828 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 89,838 $ 69,809 Deferred revenue-current 187,718 270,111 Amounts due to related parties-current 205 104 Accrued expenses and other current liabilities 558,718 474,119 Operating lease liabilities, current portion 66,105 41,326 Total current liabilities 902,584 855,469 Deferred revenue-non-current 14 686 Deferred tax liabilities 1,680 3,323 Operating lease liabilities, non-current portion 175,988 118,063 Total liabilities 1,080,266 977,541 Equity Class A common shares 167 169 Class B common shares 49 49 Treasury Stock - (6) Additional paid-in capital 4,358,265 4,374,276 Statutory reserve 154,362 150,749 Accumulated deficit (544,309) (636,891) Accumulated other comprehensive income/(loss) 61,617 (83,118) Total TAL Education Group's equity 4,030,151 3,805,228 Noncontrolling interest (27,889) (25,941) Total equity 4,002,262 3,779,287 Total liabilities and equity $ 5,082,528 $ 4,756,828 TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share, ADS, per share and per ADS data) For the Three Months Ended November 30, For the Nine Months Ended November 30, 2021 2022 2021 2022 Net revenues $ 1,020,932 $ 232,681 $ 3,849,755 $ 750,786 Cost of revenues (note 1) 519,483 102,955 2,005,252 308,645 Gross profit 501,449 129,726 1,844,503 442,141 Operating expenses (note 1) Selling and marketing 273,629 70,398 1,014,666 208,524 General and administrative 299,963 92,972 987,595 301,628 Impairment loss on intangible assets and goodwill 46,247 - 472,437 - Total operating expenses 619,839 163,370 2,474,698 510,152 Government subsidies 9,961 762 15,035 21,697 Loss from operations (108,429) (32,882) (615,160) (46,314) Interest income 12,747 15,979 84,644 41,487 Interest expense (1,821) - (7,871) - Other income/(expense) 9,520 (32,022) 17,611 (84,526) Gain from disposal of a subsidiary - - - 9,550 Impairment loss on long-term investments - (215) (178,063) (6,825) Loss before income tax expense and income from equity method investments (87,983) (49,140) (698,839) (86,628) Income tax expense (25,562) (2,756) (367,120) (9,559) Income from equity method investments 6,423 280 10,471 801 Net loss (107,122) (51,616) (1,055,488) (95,386) Add: Net loss/(income) attributable to noncontrolling interest 7,754 37 27,496 (809) Total net loss attributable to TAL Education Group $ (99,368) $ (51,579) $ (1,027,992) $ (96,195) Net loss per common share Basic $ (0.46) $ (0.24) $ (4.79) $ (0.45) Diluted (0.46) (0.24) (4.79) (0.45) Net loss per ADS (note 2) Basic $ (0.15) $ (0.08) $ (1.60) $ (0.15) Diluted (0.15) (0.08) (1.60) (0.15) Weighted average shares used in calculating net loss per common share Basic 214,672,624 211,617,052 214,619,651 212,770,824 Diluted 214,672,624 211,617,052 214,619,651 212,770,824 Note1: Share-based compensation expenses are included in the operating costs and expenses as follows: For the Three Months For the Nine Months Ended November 30, Ended November 30, 2021 2022 2021 2022 Cost of revenues $262 $3,549 $996 $8,529 Selling and marketing expenses 15,008 6,637 63,440 23,014 General and administrative expenses 25,548 18,156 110,261 50,702 Total $40,818 $28,342 $174,697 $82,245 Note 2: Three ADSs represent one Class A common Share. TAL EDUCATION GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF Comprehensive LOSS (In thousands of U.S. dollars) For the Three Months Ended For the Nine Months Ended November 30, November 30, 2021 2022 2021 2022 Net loss $ (107,122) $ (51,616) $ (1,055,488) $ (95,386) Other comprehensive income/(loss), net of tax 6,053 (24,634) (17,796) (141,372) Comprehensive loss (101,069) (76,250) (1,073,284) (236,758) Add: Comprehensive loss /(income) attributable to noncontrolling interest 8,106 (776) 27,855 (4,172) Comprehensive loss attributable to TAL Education Group $ (92,963) $ (77,026) $ (1,045,429) $ (240,930) TAL EDUCATION GROUP Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures (In thousands of U.S. dollars, except share, ADS, per share and per ADS data) For the Three Months Ended November 30, For the Nine MonthsEnded November 30, 2021 2022 2021 2022 Cost of revenues $ 519,483 $ 102,955 $ 2,005,252 $ 308,645 Share-based compensation expense in cost of revenues 262 3,549 996 8,529 Non-GAAP cost of revenues 519,221 99,406 2,004,256 300,116 Selling and marketing expenses 273,629 70,398 1,014,666 208,524 Share-based compensation expense in selling and marketing expenses 15,008 6,637 63,440 23,014 Non-GAAP selling and marketing expenses 258,621 63,761 951,226 185,510 General and administrative expenses 299,963 92,972 987,595 301,628 Share-based compensation expense in general and administrative expenses 25,548 18,156 110,261 50,702 Non-GAAP general and administrative expenses 274,415 74,816 877,334 250,926 Operating costs and expenses 1,139,322 266,325 4,479,950 818,797 Share-based compensation expense in operating costs and expenses 40,818 28,342 174,697 82,245 Non-GAAP operating costs and expenses 1,098,504 237,983 4,305,253 736,552 Loss from operations (108,429) (32,882) (615,160) (46,314) Share based compensation expenses 40,818 28,342 174,697 82,245 Non-GAAP (loss)/income fromoperations (67,611) (4,540) (440,463) 35,931 Net loss attributable to TAL Education Group (99,368) (51,579) (1,027,992) (96,195) Share based compensation expenses 40,818 28,342 174,697 82,245 Non-GAAP net loss attributable to TAL Education Group $ (58,550) $ (23,237) $ (853,295) $ (13,950) Net loss per ADS Basic $ (0.15) $ (0.08) $ (1.60) $ (0.15) Diluted (0.15) (0.08) (1.60) (0.15) Non-GAAP Net loss per ADS Basic $ (0.09) $ (0.04) $ (1.33) $ (0.02) Diluted (0.09) (0.04) (1.33) (0.02) ADSs used in calculating net loss per ADS Basic 644,017,872 634,851,156 643,858,953 638,312,472 Diluted 644,017,872 634,851,156 643,858,953 638,312,472 ADSs used in calculating Non-GAAP net loss per ADS Basic 644,017,872 634,851,156 643,858,953 638,312,472 Diluted 644,017,872 634,851,156 643,858,953 638,312,472
A12 藝術空間
Earnings projections or forecasts
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